For those distraught they haven’t gotten any housing news of late, don’t you worry I’m looking out for you.
“U.S. housing affordability falls to its worst level on record, with the income needed to buy a median-priced home surging to roughly $123,000”
Keep in mind that the average home in 1963 was 1365 Sq ft; now it is about 2300 sq ft with a LOT more amenities. Part of the equation
Works both ways:
If you had $124,000 in 1963, it would have the equivalent purchasing power of roughly $1,357,435.29 today.
But; you have to take into account the price per sq ft. when people talk about the difference in gross price of the average house. That has nothing to do with income.
